Prime TV is $76m loser

Prime, the free-to-air network that offered television personality Paul Holmes a $3 million salary, has lost $76 million since its creation in 1998.

Details of Prime's hardship were made public yesterday in Sky Television's regulatory application to buy the money-losing station from Prime Australia.

The $30 million deal is seeking Commerce Commission clearance.

Sky's chief executive, John Fellet, said yesterday that Prime "has never made any money".

Under Sky's control, Prime would be a true competitor to TVNZ and CanWest Media Works, Sky said.

"Prime New Zealand would be financially stronger, better able to compete with TVNZ and CanWest," the document said.